June 2025

Warm regards,

Thiago Guimarães
Director of Industry Intelligence, IPC

Market Analysis from Shawn DuBravac 

Despite a recent uptick in market and consumer sentiment, hard economic data continues to show signs of softening. Key indicators such as manufacturing activity, trade volumes, and real GDP forecasts have weakened in the last month, suggesting that optimism may be outpacing actual economic performance. While equity markets have rebounded and consumer confidence has improved, underlying fundamentals, such as declining industrial output, moderating job growth, and downward revisions to growth projections, point to a more fragile economic environment. The divergence highlights growing uncertainty about the sustainability of economic growth. 

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EMS: North American EMS Industry Shipments Up 0.2 Percent in April

In April 2025, North American Electronics Manufacturing Services (EMS) shipments edged up 0.2% year-over-year, while bookings declined 10% from April 2024 and 7.7% from March, indicating a potential recalibration amid tariff uncertainties. Despite the dip in orders, the book-to-bill ratio remained strong at 1.41, suggesting demand continues to outpace shipments as fulfillment lags. 

PCB: North American PCB Industry Shipments Down 6.8 Percent in April 

In April 2025, North American PCB shipments declined 6.8% year-over-year, yet bookings surged 23.5%, reflecting robust demand ahead of mid-year production cycles. The book-to-bill ratio rose to 1.21, signaling that orders continue to outpace shipments and pointing to potential growth in the coming months. 

The Current Sentiment of the Global Electronics Manufacturing Supply Chain May 2025 

Despite escalating material costs and tariff uncertainties, electronics industry demand remains resilient, with IPC’s May 2025 report showing an expanding New Orders Index. While labor cost pressures have moderated, profit margins are expected to decline, and over half of manufacturers are accelerating shipments in anticipation of potential tariff impacts. 

Lead or Lag: The U.S. Imperative in the Global Chip Race 

Jan Vardaman of Tech Search recently collaborated with IPC on a new white paper, "Lead or Lag: The U.S. Imperative in the Global Chips Race." The report highlights that, while the U.S. has announced 90 new semiconductor projects across 28 states, potentially creating 58,000 jobs, it still trails global competitors in advanced packaging capabilities. The report urges policymakers to expand CHIPS Act funding to encompass the entire semiconductor ecosystem, including advanced packaging and printed circuit board manufacturing, to ensure long-term competitiveness. 

An Analysis of the Electronics Industry's Scope 3 Greenhouse Gas Disclosures

As the electronics industry grapples with the task of measuring and reducing its substantial greenhouse gas (GHG) footprint, scope 3 or ‘indirect’ emissions arising upstream and downstream of a company’s direct operations are a critical focus. This white paper leverages CDP (formerly known as the Carbon Disclosure Project) data to examine the status of scope 3 reporting within the electronics manufacturing industry. 

Your Input Needed on Smart Manufacturing Survey  

The Interdisciplinary Center for Advanced Manufacturing Systems (ICAMS) at Auburn University, in collaboration with the U.S. Department of Defense, is conducting its annual Smart Manufacturing Survey to identify the challenges manufacturers face when adopting smart technologies. Insights from this brief, anonymous survey will inform the development of solutions aimed at enhancing manufacturing success and resilience. Participants can opt to receive the final report upon its completion. 

EMS & The Economist - Chaos-as-a-Strategy and How Tariffs Are Changing Supply Chains (May 25)

This episode of EMS & The Economist features IPC Chief Economist Shawn DuBravac unpacking how looming tariff hikes are pressuring electronics manufacturers to rethink supply chains and pricing strategies. As companies weigh how much cost to absorb, pass along, or offset through restructuring, DuBravac highlights shifting import patterns and the broader economic implications of trade instability. 

• June 5, 2025 — Evertiq Expo Berlin: IPC’s Christoph Solka will present on the European EMS industry. 
• June 12, 2025 — IPC Day EMS Executives Meeting London: IPC’s Christoph Solka will present on the European EMS industry, with a focus on the UK market. 
• June 25/26, 2025 — in4ma EMS & PCB Forum in Bonn: IPC’s Anastasia Ederer and Christoph Solka will present on EMS D-A-CH region and the situation of the European market.
• September 11, 2025 — TEK.day Gdansk: IPC’s Christoph Solka will present on the current status of the European EMS industry. 
• September 17/18, 2025 — IPC Day EMS Paris

IPC industry intelligence aims to provide valuable insights into the entire global electronics ecosystem. Through in-depth reports and expert analysis, industry thought leaders provide trend evaluations designed to benefit the electronics manufacturing industry. Learn more and explore IPC’s industry intelligence today.

Contact the team:  
Thiago Guimaraes, Director of Industry Intelligence, North America 
Christoph Solka, Director of Industry Intelligence, Europe  
Shawn DuBravac, Chief Economist  
Kate Koger, Public Affairs Coordinator